Concerns about inflation and central bank actions dominated global markets this week. In the United States, strong PMI data reinforced expectations that the Federal Reserve will stick to tight monetary policy. Meanwhile, the Reserve Bank of New Zealand surprised markets with dovish comments, sending the currency sharply lower.
Canada:
● Housing Starts (July). Actual figure: 294.1K / Forecast: 264.0K / Previous: 283.7K. The data came in well above expectations, signaling strength in the economy.
United States:
● Building Permits (July). Actual figure: 1.354M / Forecast: 1.390M / Previous: 1.393M.
Canada:
● Housing Starts (July). Actual figure: 294.1K / Forecast: 264.0K / Previous: 283.7K. The data came in well above expectations, signaling strength in the economy.
New Zealand:
● Interest Rate Decision. Actual figure: 3% / Forecast: 3.00% / Previous: 3.25%. The rate remained unchanged, but a dovish adjustment to long-term projections caught markets off guard. This triggered a two-day slide in the New Zealand dollar, and although the drop paused on Friday, bearish sentiment remains.
United Kingdom:
●Consumer Price Index (CPI) (Year-over-Year) (July). Actual figure: 3.8% / Forecast: 3.7% / Previous: 3.6%. UK inflation rose higher than expected, reducing the chances of an imminent Bank of England rate cut and giving temporary support to the pound.
Eurozone:
●Consumer Price Index (CPI) (Year-over-Year) (July). Actual figure: 2% / Forecast: 2.0% / Previous: 2.0%. The release aligned with expectations, and the market reacted neutrally as inflation pressures remain contained.
United States:
● Crude Oil Inventories. Actual figure: -6.014M / Previous: 3.036M. A sharp drawdown in inventories supported oil prices.
Eurozone:
● Manufacturing PMI (August). Actual figure: 50.5 / Forecast: 49.6 / Previous: 49.8.
● S&P Global Composite PMI (August). Actual: 51.1 / Previous: 50.9.
● Services PMI (August). Actual figure: 50.7 / Forecast: 50.8 / Previous: 51.0.
Eurozone PMI data showed modest improvement, pointing to stabilizing economic conditions.
United States:
●Initial Jobless Claims. Actual figure: 235K / Forecast: 227K / Previous: 224K.
●Philadelphia Fed Manufacturing PMI (August). Actual: -0.3 / Forecast: 5.9 / Previous: 15.9.
●Manufacturing PMI (August). Actual figure: 53.3 / Forecast: 49.9 / Previous: 49.8.
●Services PMI (August). Actual figure: 55.4 / Forecast: 53.3 / Previous: 55.7.
●Existing Home Sales (July). Actual figure: 4.01M / Forecast: 3.92M / Previous: 3.93M.
Stronger-than-expected US economic data has heightened concerns that the Fed will maintain a restrictive policy. This led to a decline in the euro, pound, and other assets against the US dollar.
Germany:
● GDP (Quarter-over-Quarter) (Q2). Actual figure: -0.3% / Forecast: -0.1% / Previous: -0.1%.
United States:
● Speech by Fed Chair Jerome Powell. Expectations around his remarks at the Jackson Hole symposium remain the main market driver, keeping currency movements muted for now.
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